Question

Choose an article on a topic (product/good/service) that affects your daily life.

For example, I found an article in the Chicago Tribune about coffee prices.

Briefly tell us what your article is about.

My article reported that although coffee prices are high, the price being paid to the coffee producers in Brazil has remained constant.

Which aspect of the article’s discussion affects your daily life?

Coffee growers are threatening to cut production in order to force the prices higher. This means that my $6 cup of coffee at Starbucks could become even more expensive.

What factors do you think are influencing the supply and demand of the product/good/service that is the subject of your article?

Americans have been conditioned by marketing to agree to pay $5 for a cup of coffee, so there is no reason for retailers to charge less.

Include the URL of the Web site where you found the article, so your classmates can access it.

Answer 1

Q1) The article is about the rise in oil prices in United States due to the hurricane Harvey.

Q2) Hurrican Harvey wreaked havoc resulting in historic devastation in and around Texas killing around 50 people and making thousands of people homeless. It also resulted in coplete disruption of daily life and stoppage of functioning of oil refineries and other units.

Q3) Due to the shutdown of the oil refineries in and around the affected places, crude oil production got affected and the oil prices have risen which resulted in rising fuel costs.

Q4) The factors affecting the supply and demand of the oil include -

1. Disruption of oil production in the affected areas

2. Increased fuel costs due to less supply and more demand

3. Rebalancing of shortage of oil by supplying from the oil reserves

4. Import of crude oil will be increased till the refineries in the affected areas start functioning.

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